- Ethereum price is showing a lot of positive signs above the $180 support area against the US Dollar.
- ETH price is likely to climb above the $190 and $196 resistance levels in the near term.
- There was a break above a crucial bearish trend line with resistance near $174 on the 4-hours chart (data feed from Coinbase).
- The price is setting up for another upward move and it could even surpass the $200 resistance.
Ethereum price is gaining bullish momentum above $180 against the US Dollar. ETH price is likely to continue higher towards $200 and $220.
Ethereum Price Analysis
This past week, there was a nasty upward move in Ethereum price from the $155 support area against the US Dollar. ETH price surged above the $175 and $180 resistance levels to move into a bullish zone.
There was a break above a crucial bearish trend line with resistance near $174 on the 4-hours chart. Moreover, the price settled above the $180 level and the 55 simple moving average (4-hours).
A new monthly high was formed near $199 and the price started a downside correction. It broke the $190 level to start the mentioned correction. During the correction, there was a break below the 23.6% Fib retracement level of the upward move from the $153 swing low to $199 high. The price even spiked below the $180 support area.
However, the $174 area acted as a strong support along with the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the upward move from the $153 swing low to $199 high acted as a crucial support.
The price is currently moving higher and is trading nicely above $180. An immediate resistance is near the $190 area. If there is an upside break above the $190 resistance, there are chances of another strong rise towards the $200 and $205 resistance levels.
If there are more upsides, the price could test the $220 area. Conversely, if there is no upside break, the price could correct lower towards the $180 support area. The main support is now near $176 and the 55 simple moving average (4-hours).
Looking at the chart, Ethereum price is trading in a strong uptrend above the $180 and $185 levels. It seems like the bulls are eyeing another rally and the price may even climb above the $200 barrier in the coming days.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.
Key Support Levels – $180, followed by the $176 zone.
Key Resistance Levels – $190 and $200.
